All Posts

Yes, you can use expenses as part of your sales expense. If any of the repairs were capital improvements to the house see the information below.    Be sure to report your inherited house sale using the steps below.    Your cost basis is the fair market value on the date of death of the decedent, plus the capital improvements (not repairs but improvements that are capital in nature).  The expenses of sale will reduce any gain or increase any loss as well. This is entered as the sale of investment property and can be entered as follows.   Enter the inherited property sale in TurboTax using the steps provided.   Open or continue your return: Choose the Search box and type 'sale of second home' then use the Jump to link to enter your inherited sale) or follow the menu. In TurboTax Online select 'See more' in the FAQ then click 'sold second home'. Under Wages & Income scroll to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2025? screen If you land on the Your investment sales summary screen, select Add More Sales On the OK, let's start with one investment type screen, select Other, then Continue On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale On the next screen, select  Other (choose this also for inherited homes) then select  I inherited it under  How did you receive this investment? (For TurboTax Desktop you can enter a description of 'Inherited Home' and long term holding period).

I never received an email from TurboTax indicating my return was ACCEPTED by the IRS as when my spouse filed his he received a notification from the TurboTax that his return was accepted by the IRS. My only shows pending for federal and state on the TurboTax website. When checking with the irs I keep getting a message that my information does not match their records. Yet I put my correct information in. According to TurboTax it hasn’t been accepted by the irs yet and is still pending processing. Since my spouse and I would normally file married and jointly. We opted out this year and did married and filing separately. Both returns are marked that as well. 

The withdrawal is always subject to regular income tax, there are no exceptions to that.   If you are under age 59-1/2, there is an additional 10% penalty for early withdrawal.  The only exception to the penalty that will apply to your case is to exempt the penalty on up to $1000 used for an emergency personal expense.  The rest of the withdrawal will be subject to the penalty. 

 We at Intuit TurboTax want our users to be completely delighted with their experience using our products and services, and successful in their financial lives and businesses. Are you able to call back and speak with one of our experts who will be happy to assist you?   Additionally, once you file your return, as long as the settings to receive communication from Intuit don’t block it, you will see a pop-up message or receive an email with a survey asking you about your experience.    We encourage you to leave your notes and comments there. “Voice of the Customer” notes and comments are read and acted upon.  If you are using TurboTax Desktop, you can also leave feedback at the Final Steps tab.  

No, you don't need to pay tax on the earnings. You can roll over a 529 plan to another 529 plan directly (trustee to trustee) or indirectly, provided the funds are deposited into the new plan within 60 days. This is allowed once every 12 months for the same beneficiary.  You do not need to report the 1099-Q on your tax return as long as you met the rollover requirements.

Form 1065 Schedule L Balance Sheet has no line labelled "less accumulated assets." Line 5 reports tax-exempt securities. There is no line 5b. It would be helpful to see a screenshot of both the federal and California balance sheets where this discrepancy is shown.

@user17711936670 wrote: What I am gathering is that TT business should have created two separate k-1 forms.  No, that is not the way it is supposed to work when filing a 1065 and associated K-1s.   As @AmeliesUncle wrote: "TurboTax isn't set up for amounts in Box 1 and 2 (you need to enter them as separate K-1s)". Thus, you just need to enter the K-1 you have twice, one for Box 1 and one more time for Box 2. You don't want TurboTax Business to generate two separate K-1s just because you have figures in Boxes 1 and 2.

Thanks @RogerD1  for the quick response. Agreed, there are many categories of miscellaneous state tax addbacks that belong in line 1(e). Items such as bonus depreciation, QBI (which is applicable in my return), and so on. Curious: Did you prepare the mock return using the desktop version of TurboTax Home & Business? Here's what I tried for diagnostics: I thought that maybe the presence of the QBI (which in itself triggers the program to activate line 1(e) for the misc addbacks) might be tripping it up, so I changed the federal return saying that the business did not qualify for QBI. That way, the program should just put the tax addback onto line 1(a) and line 1(e) should be totally blank. Not successful. Very similar issue, here's the screenshots: Here's the pdf of SC1040 showing the $1976 in 1(a) and $1978 in 1(e) Here's the detail sheet showing how the $1976 value is calculated (this is part of the printed worksheets from the SC returns). I believe this to be correctly calculated. Here's the main screen showing the "items that SC treats differently" - you can see that it has $1978 as "other additions" which is the code for line 1(e): And then, if you click edit on that screen to see where the $1978 is coming from, you get this (which cannot be deleted): As an aside, the $1976 that goes into line 1(a) (which I believe is correctly calculated via the worksheet and correctly placed on 1(a)) is neither accessible nor visible anywhere is the desktop front end. And the $1978 is only visible when pressing the edit key on the Other Additions screen.   Any other thoughts? I might try editing / overriding the forms directly. If that doesn't work I guess I'll have to manually print forms and file by mail. Thanks and best regards k2michelin

From the answer above, and just to be clear, I am a resident of the state of Alabama. I sold a secondary house (never used for business purposes) in the state of Florida. That sale had capital gains. I should claim those capital gains on my Alabama state tax (as well as federal) but do not have to file Florida state tax or pay any state tax to the state of Florida. If this is incorrect, please let me know.

Both boxes remain unchecked for retirement at work.  I owe no SE taxes due to schedule F losses.  Schedule C has net taxable income.  Is that perhaps the issue???? the combination of Sch C and Sch F????  

Yes, all of the expenses you deduct will reduce your overall income on your self employment activity.    No, you will not owe any tax on the reimbursement portion of the amount on your 1099-NEC because you are reducing that amount by all the expenses that were part of the total amount. The reimbursements included in the total payments are the expenses used on your business.   @Petya Miteva